Ancora Withdraws U.S. Steel Board Nominations Amid Trump Review

Activist investor Ancora Holdings has withdrawn its nominations for director candidates at U.S. Steel, a move that aligns with President Trump's recent order for a national security review of Japan's Nippon Steel's bid for the company. Initially, Ancora aimed to obstruct the merger but has since indicated support for Nippon's $55 per share offer, while proposing a higher cash offer of $75 per share. The withdrawal reflects confidence that U.S. Steel and Nippon have addressed national security concerns adequately. Ancora criticized U.S. Steel for not postponing its annual shareholders meeting, scheduled for May 6, despite ongoing discussions regarding the merger. The investor's decision suggests a shift in focus towards the potential approval of the transaction, which could benefit shareholders significantly. This development follows a period of contentious back-and-forth between Ancora and U.S. Steel's management regarding corporate governance and leadership issues.